Guarantor Loan

Pixie5740

Mrsob wrote: »

Has anyone gone up against Amigo Loans and won?

In what sense? Are you asking if a guarantor has managed to wangle out of repaying the loan after the person they were guaranteeing failed to make the repayments?

Browntoa

If you signed the paperwork as a guarantor then there's no escape clause

If you took the loan and are wondering if the guarantor will have a way of not being chased for the loan then as above

They make it very clear in their advertising and sign up what is involved

TadleyBaggie

Mrsob wrote: »

Has anyone gone up against Amigo Loans and won?

Try answering the questions already asked in your own thread: https://forums.moneysavingexpert.com/discussion/5642808

Wilson_192019

There’s not much which can be done about it really.

When you sign up as a guarantor, it’s almost impossible to get out of it. However, it isn’t in the lender’s best interest to escalate disputes (for example, taking the applicants to court). Consequently, you might be able to renegotiate the terms of the contact (such as longer repayment terms).

Still, at least businesses are getting better at explaining the consequences of not repaying loans. For example, Buddy Loans states:

"If your loan is not brought back up to date in a timely fashion, then unfortunately there may be other steps which could be taken against both you and the borrower which would impact on your credit score and report making it more difficult to obtain credit in the future and also potential legal action if your loan isn't kept up to date. Clearly we all want to avoid that so we would always urge you to talk to us and keep us informed wherever there might be a problem."

As a result, this should help stop naïve people being taken advantage of.

MallyGirl

this is an old thread